Karoon Energy, an ASX-listed international oil and gas exploration and production company, has assumed commissioning lead from Altera & Ocyan (A&O), a joint venture between Altera Infrastructure and Ocyan, on a floating production, storage and offloading (FPSO) vessel, which is working on an oil project offshore Brazil.
after that acquisition Subordinate FPSO Cidade de Itajay At the end of April 2025, which is published in Pawna Project At BM-S-40, Caron signed a transitional services agreement with A&O to ensure continuity of operations and a smooth handover of the vessel.
The official transition of the FPSO operator took place at the end of May 2026, following an intensive period of internal capacity building for the ASX-listed player, including hiring staff, transferring contracts and establishing management systems and processes, and receiving Brazilian regulatory approvals.
More than 80% of the current FPSO team is said to have moved to Karoon and its main maintenance contractor, Gran Services. The transitional services agreement with A&O expired on June 1, 2026, allowing further operating cost optimization for the FPSO owner.
Carrie LockhartCEO and Managing Director of Caron commented: “2026 was one of the busiest years in Caron’s history, with more than 700 people involved in delivering our strategic business scopes, including the transition of FPSOs, in a safe manner. This operational transformation is a major milestone for Caron and represents the company’s evolution into a full-scale operator of offshore oil and gas production.”
“I would like to sincerely thank our employees and contractors who have worked tirelessly to prepare for and achieve this milestone. The operation of the FPSO is of strategic importance to Karoon, and we are committed to delivering strong safety performance and reliable operations, which will create value from the Baúna project in the future.”
ASX listed company Announce Launching revitalization and life extension projects in Paona in August 2025, with expected expenditures of approximately $55-65 million in 2026 and $80-90 million over the period 2030-2034.
The current one Shutdown maintenance and fleet campaign The work is expected to result in material improvements in system stability and provide sustained uptime for the FPSO, in the 90-95% efficiency range.
The Baúna project includes the Baúna, Piracaba and Patola fields in the BM-S-40 concession area offshore Brazil. The FPSO vessel Cidade de Itajaí, capable of operating in water depths of up to 1,000 metres, began operating in Brazil in February 2013.
This unit, built at the Jurong Shipyard in Singapore in 1995 and converted in 2012, can produce 80,000 barrels of oil per day and compress 2 million cubic meters of gas per day.
Boost your brand with marine energy ⤵️
Steal the spotlight and establish your brand in the heart of the outside world!
Join us to make a greater impact and grow your presence at the core of the marine energy community!
